S&P 500 Bulls Power Longest Weekly Gain Since 2023: Markets Wrap
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(Bloomberg) — Hopes for a deal between the US and Iran that will turn a fragile ceasefire into lasting peace fueled Wall Street optimism, driving stocks to their longest streak of weekly gains since 2023.
Switzerland Adopts Most of EU’s New Russia Sanctions Package
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(Bloomberg) — Switzerland is adopting most of the European Union’s 20th sanctions package against Russia and Belarus, but skips from some elements for now, the government said.
Adecco CEO Warns of Hit From Swiss 10 Million Population Cap
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(Bloomberg) — Staffing company Adecco Group AG has spoken out against a proposal to cap Switzerland’s population at 10 million, warning that restrictions on labor movement would curb economic growth and even harm society.
UBS Hits Back Over Nazi-Accounts Probe Amid Senate Pressure
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(Bloomberg) — UBS Group AG accused the US lawyer overseeing a six-year-old inquiry into Credit Suisse’s handling of Nazi-linked accounts of bias and exceeding his mandate, deepening a standoff between the Swiss bank and its critics in Washington.
Julius Baer Shares Slump as Net New Money Figure Disappoints
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(Bloomberg) — Julius Baer Group Ltd. saw client inflows slow for the first four months of the year, with the bank’s continued de-risking efforts weighing on the Swiss wealth manager’s growth aspirations.
UBS Turns to Senior Wealth Banker to Bolster Mideast Business
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(Bloomberg) — UBS Group AG is moving the head of its Europe, Middle East and Africa wealth business to the Gulf as the bank tries to bolster its regional operations following a string of recent departures.
FountainVest Is Said to Mull Sale of Swiss Micro-Tools Maker SPT
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(Bloomberg) — FountainVest is considering selling Small Precision Tools, a Swiss manufacturer of high-precision components and tools, according to people familiar with the situation.
Dow Average Climbs to Record on US-Iran Deal Hopes: Markets Wrap
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(Bloomberg) — Hopes for a diplomatic way out of the war in Iran lifted stocks as oil dropped on speculation that a deal would pave the way for a revival of energy flows through the key Strait of Hormuz.
Stocks, Bonds Climb as Oil Falls on US-Iran Hopes: Markets Wrap
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(Bloomberg) — A slide in oil prices lifted stocks and bonds amid hopes for a deal to end a war that has rattled financial markets and fueled inflation worries. In late hours, Nvidia Corp. whipsawed after its results.
Canada to Spend C$1.1 Billion Hosting Its 13 FIFA World Cup Games
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(Bloomberg) — Canadian taxpayers will spend just under C$1.1 billion ($801 million) to host their country’s portion of this summer’s FIFA World Cup, a report said Wednesday, adding to the growing public bill across North America from the event.
Switzerland Wants Workers to Retire Later But Won’t Force Them
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(Bloomberg) — Switzerland’s government is trying to shore up the state pension system without explicitly requiring people to stay in the workforce for longer.
CEOs Are Getting Ruthless About Worker Performance
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(Bloomberg) — The way Unilever Plc Chief Executive Officer Fernando Fernandez starts every meeting at the consumer products maker says a lot about the mindset of corporate bosses who fear their companies have lost their edge.
UBS Capital Debate in Parliament Puts Bill on Easing Track
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(Bloomberg) — The parliamentary debate of new capital requirements for UBS Group AG earlier this month focused only on softening the government plan, putting the process on track for an outcome below the current estimate of $20 billion.
Stocks Fall as Fed-Hike Anxiety Lifts Bond Yields: Markets Wrap
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(Bloomberg) — The latest bout of weakness in bonds lifted yields to multi-year highs, reducing the appetite for stocks on speculation that a torrid market surge has gone too far amid war-fueled inflation risks.
Stocks and Oil Whipsaw on Mixed US-Iran Signals: Markets Wrap
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(Bloomberg) — Wall Street saw a volatile session, with stocks and oil whipsawing as traders parsed mixed signals about prospects for a US-Iran deal to end the war and revive energy flows through the key Strait of Hormuz.
Switzerland Grows More Than Expected Despite Franc, Energy Spike
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(Bloomberg) — Switzerland’s economy grew faster than anticipated in the first quarter, weathering a spike in energy prices and a strengthening franc that each took effect at the outbreak of the Iran war.
PolyPeptide Is Said to Shortlist EQT, IDG for Next Bidding Round
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(Bloomberg) — PolyPeptide Group AG has shortlisted private equity firms EQT AB and IDG Capital in the next round of bidding for the Swiss contract drugmaker, according to people familiar with the matter.
UBS Loses Middle East Wealth Bankers It Hired Two Years Ago
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(Bloomberg) — UBS Group AG has lost several senior wealth management bankers in the Middle East less than two years after hiring them, indicating the intense level of competition for talent in the region.
Global Inventory Race Intensifies in Shadow of the Iran War
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(Bloomberg) — The global rush to stockpile manufactured goods on fears of an energy-supply crunch will again overshadow business surveys in the coming week gauging the impact of a third month of war in the Middle East.
